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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income:        
Loans/leases, including fees $ 29,245,320 $ 23,001,107 $ 84,571,466 $ 62,939,656
Securities:        
Taxable 1,367,212 1,057,204 3,770,022 3,605,948
Nontaxable 2,862,208 2,510,169 8,198,173 7,028,387
Interest-bearing deposits at financial institutions 141,331 103,216 559,697 225,775
Restricted investment securities 172,776 132,047 435,096 396,157
Federal funds sold 52,018 12,992 104,778 36,155
Total interest and dividend income 33,840,865 26,816,735 97,639,232 74,232,078
Interest expense:        
Deposits 3,556,189 1,472,031 8,779,548 4,106,227
Short-term borrowings 33,248 12,541 76,365 73,672
Federal Home Loan Bank advances 607,751 420,570 1,365,433 1,278,207
Other borrowings 724,854 974,634 2,103,731 2,624,154
Junior subordinated debentures 362,475 306,182 1,042,227 912,706
Total interest expense 5,284,517 3,185,958 13,367,304 8,994,966
Net interest income 28,556,348 23,630,777 84,271,928 65,237,112
Provision for loan/lease losses 2,086,436 1,607,986 6,214,538 4,878,821
Net interest income after provision for loan/lease losses 26,469,912 22,022,791 78,057,390 60,358,291
Noninterest income:        
Trust department fees 1,721,401 1,518,600 5,153,609 4,606,590
Investment advisory and management fees 968,452 765,977 2,798,886 2,117,100
Deposit service fees 1,522,461 1,150,869 4,297,210 3,028,758
Gains on sales of residential real estate loans, net 98,409 144,105 307,360 288,904
Gains on sales of government guaranteed portions of loans, net 91,974 218,785 1,129,668 2,701,203
Swap fee income 194,256 333,772 635,353 1,358,312
Securities gains (losses), net (63,588) 4,251,773 (25,124) 4,628,283
Earnings on bank-owned life insurance 428,002 450,251 1,357,049 1,324,380
Debit card fees 754,803 475,182 2,201,125 1,126,581
Correspondent banking fees 239,060 253,823 684,306 800,892
Other 746,073 860,264 2,228,133 2,027,272
Total noninterest income 6,701,303 10,423,401 20,767,575 24,008,275
Noninterest expense:        
Salaries and employee benefits 13,423,943 11,202,460 39,662,218 32,920,840
Occupancy and equipment expense 2,516,274 2,086,331 7,716,829 5,797,875
Professional and data processing fees 2,950,839 1,931,329 7,374,930 4,921,064
Acquisition costs 407,997 1,036,904 407,997 1,363,987
Post-acquisition transition and integration costs 522,740 1,009,132 522,740 1,037,018
FDIC insurance, other insurance and regulatory fees 690,894 582,835 1,957,413 1,866,804
Loan/lease expense 257,540 102,678 811,362 419,846
Net cost of (income from) operations of other real estate (160,640) 133,055 (118,453) 513,149
Advertising and marketing 669,923 547,768 1,846,942 1,367,478
Bank service charges 460,153 415,401 1,331,499 1,246,682
Losses on debt extinguishment, net 4,137,310 4,220,507
Correspondent banking expense 204,189 205,998 604,233 564,763
Other 1,451,895 1,089,282 3,955,783 2,938,721
Total noninterest expense 23,395,747 24,480,483 66,073,493 59,178,734
Net income before income taxes 9,775,468 7,965,709 32,751,472 25,187,832
Federal and state income tax expense 1,921,533 1,858,208 6,946,555 6,030,375
Net income $ 7,853,935 $ 6,107,501 $ 25,804,917 $ 19,157,457
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.60 $ 0.47 $ 1.96 $ 1.55
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.58 $ 0.46 $ 1.91 $ 1.52
Weighted average common shares outstanding (in shares) 13,151,350 13,066,777 13,151,672 12,398,491
Weighted average common and common equivalent shares outstanding (in shares) 13,507,955 13,269,703 13,509,566 12,580,042
Common cash dividends declared (in dollars per share) $ 0.05 $ 0.04 $ 0.15 $ 0.12